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Brownfield reports that mild, dry weather sped the U.S. corn and soybean harvests, with 38% of soybeans harvested by October 4. Topsoil moisture is very short to short in much of the Plains and West, which hampers winter wheat establishment.
Fast harvest adds near-term supply, but dry Plains soils raise concern for winter wheat establishment and next year's crop, supporting wheat prices.
brownfieldagnews.comGreg SouljeOct 6, 2020After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
